Persistence Market Research analyzes the global imaging technology market for precision agriculture over an eight year period from 2016 to 2024. The study demonstrates market dynamics and trends across regions that are expected to influence the current status and future prospects of the global imaging technology market for precision agriculture over the forecast period (2016 – 2024). The primary objective of the report is to offer information on market drivers, restraints, trends, opportunities, and value chain analysis; and updates on developments in the global imaging technology market for precision agriculture. The report lists two types of imaging technology – multispectral and hyperspectral, and studies their demand and forecast across various products for the period 2016-2024 in the global market.

The global imaging technology market for precision agriculture report starts with a market overview and provides market definition and analysis about the key drivers, restraints, opportunities, and key trends in the market. The following sections include an in-depth analysis of the global market – by technology, by product, and by region. All the three sections evaluate the global imaging technology market for precision agriculture on the basis of various factors affecting the global imaging technology market for precision agriculture, covering the present scenario and future prospects. For market data analysis, the report considers 2015 as the base year, with the forecast provided for 2016–2024.

The final section of the global imaging technology market for precision agriculture report presents a competitive landscape of the global imaging technology market for precision agriculture to provide report audiences with a dashboard view of leading market players operating in the global imaging technology market for precision agriculture, along with information on their market performance, SWOT analysis, and key business strategies. Over the years, companies such Headwall Photonics, Ximea, Teledyne Dalsa etc. have significantly increased their footprint in the global imaging technology market for precision agriculture.

Research Methodology

To understand and assess the demand and opportunities in the global imaging technology market for precision agriculture, the report is categorically split into three major sections, namely market analysis by technology, by product, and by region. The report analyzes the global imaging technology market for precision agriculture in terms of market value (US$ Mn). The report begins by sizing up the current market, which forms the basis for forecasting how the market is anticipated to take shape during the forecast period. Given the ever-fluctuating nature of the global economy, the report presents forecasts not only in terms of CAGR, but also analyzes the global imaging technology market for precision agriculture on the basis of key parameters such as Year-on-Year (Y-o-Y) growth to understand market predictability and to identify the right opportunities in the global imaging technology market for precision agriculture.

The report also analyzes the various segments of the global imaging technology market for precision agriculture in terms of Basis Point Share (BPS) to understand individual segments’ relative contribution to market growth. This detailed level of information is important to identify the many trends governing the global imaging technology market for precision agriculture. Another key feature of this report is a comprehensive analysis of the global imaging technology market for precision agriculture revenue forecast in terms of absolute dollar opportunity, critical in assessing the level of opportunity that a provider can look to achieve, as well as to identify potential resources from a sales perspective in the global imaging technology market for precision agriculture. In order to understand key growth segments in terms of growth and performance in the global imaging technology market for precision agriculture, Persistence Market Research has also developed a market attractiveness index to help providers identify real market opportunities in this market.

With a rising global population and increased concerns for food security, it is important to maximize yields in the limited arable land available for growing crops. It is in this context that precision agriculture comes in the picture, where the precise applications of water, nutrients, and fertilizers over a farmland combined with accurate data pertaining to the areas where such resources are required plays a vital role in decisions about crop management. Precision agriculture helps in computing other important parameters such as spread of pests and weeds, soil quality, air quality, etc. and is gaining acceptance among the farmers due to which crop yields are improving substantially. The global imaging technology market for precision agriculture is estimated to grow at 9.0% CAGR during the forecast period 2016-2024, and reach US$ 1,165.9 Mn in revenues by 2024 end.

Market dynamics

The introduction of unmanned aerial vehicles (UAV), coupled with added benefits such as low costs as compared with traditional precision farming methods, easy to use devices, and enhanced accuracy of data has resulted in increasing usage of imaging systems for precision farming. A vast number of applications for imaging systems in precision farming such as crop health monitoring, irrigation equipment monitoring, weed and pest identification, variable rate fertility, animal monitoring and environmental impact assessment are expected to fuel demand over the forecast period and boost the growth of the global imaging technology market for precision agriculture.

Additional benefits offered by imaging technology over other precision agricultural technologies and increasing usage of UAVs for commercial applications are some of the factors that are likely to further drive the demand for the global imaging technology market for precision agriculture.

High costs that are incurred on the precision agriculture systems is the main restraining factor for the global imaging technology market for precision agriculture. Besides, there is a lot of expertise and technical knowhow required for the production and maintenance of precision agriculture systems. Majority of countries across the globe have unclear or no regulations for commercial application of UAVs and require special clearances from regulatory authorities, which is time consuming.

Segment analysis

The global imaging technology market for precision agriculture is segmented into two main segments – namely by technology and by product. The technology segmented is further sub-segmented into multispectral technology and hyperspectral technology. The product segment is further sub-segmented into cameras, sensors, software, and others.

Revenue generated by the global imaging technology market for precision agriculture is estimated to reach US$ 567.4 Mn by 2016, witnessing an increase of 6.2% over 2015. In the technology segment, hyperspectral technology is estimated to increase at the highest growth rate during the forecast period, followed by multispectral technology. Decreasing cost of hyperspectral technology and the information available through this technology being much more detailed than multispectral technology are some of the factors expected to drive demand for this technology. The multispectral technology segment is estimated to hold the largest share among the imaging technologies available for precision agriculture, accounting for US$ 434.1 Mn by 2016, up from US$ 408.4 Mn in 2015.

Among all the products, the cameras segment is estimated to account for maximum market revenue share by 2024, owing to detailed information available with the help of these cameras. Moreover, the demand for sensors is estimated to witness highest growth rate by 2024, followed by cameras and software.

Regional analysis

Region wise, the global imaging technology market for precision agriculture is segmented into North America, Latin America, Europe, APAC, and Middle East & Africa. North America is expected to be the largest revenue generator for the global imaging technology market for precision agriculture by 2024. The North America region is expected to account for a revenue share of 54.2% by 2024, owing to the fact that the region is fairly advanced in terms of adoption of imaging technology for precision agriculture. The market in Asia Pacific is estimated to be the second largest market in the global imaging technology market for precision agriculture with market revenues expected to be worth US$ 233.4 Mn by 2024.

Key market players

Bayspec, Tetracam, Micasense, Ximea, Teledyne Dalsa, and Resonon are some of the leading players operating in the global imaging technology market for precision agriculture. Top market players are focusing on launching imaging technology products specifically suited for precision agricultural applications to consolidate their position in the global imaging technology market for precision agriculture.